$1.$ Jennifer, a currency trader for Chicago$-$based Red Sea Investments, uses futures quotes $($shown below$)$ on the British pound to speculate on its value: Each Contract $\backslash (=\backslash$mathbf$\{62,500\}\backslash )$ a$.$ If Jennifer believes that the pound will rise in value, she will buy $5$ June pound futures, and the spot rate at maturity is $\backslash (\backslash$$ $1\mathrm{.}3980/\backslash ),$ what is the value of her position? b$.$ If Jennifer believes that the pound will fall in value, she will sell $12$ March pound futures, and her spot rate at maturity is $\backslash (\backslash$$ $1\mathrm{.}4000/\backslash ),$ what is the value of her position?